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COVID-19: Tax Relief

  • IRS Tax Payment Notices – July 15, 2020
    Many of you may have received notices from the IRS for balances due, tax penalties & interest pertaining to payments made by check which were due July 15, 2020. Please note that the IRS mailroom is behind in updating these payments as they are working with a skeleton staff. Please … Read more
  • WEBINAR: Wealth Transfer Opportunities in the Pandemic Environment
    Gettry Marcus CPA, P.C. presented: Wealth Transfer Opportunities in the Pandemic Environment Topics that will be addressed include: Gift Giving – Valuation Opportunities in a Turbulent EnvironmentPotential Estate Tax Savings – Alternate Valuation DateReverse Gifting – Unusual times invert standard practicesLoans to and from Trusts – Historically Low-Interest RatesRetirement Plans – … Read more
  • IRS Opines on Tax Consequences of Forgiven PPP Loans
    Under the federal government’s Paycheck Protection Program, businesses receiving SBA loans may have the loans forgiven if the proceeds are used to cover payroll, employee benefits, and certain other costs. Under the CARES Act, the forgiveness of the loan is not taxable. However, there was no specific provision in the … Read more
  • WEBINAR: Monetizing the Tax Changes in the CARES Act for Real Estate Owners
    Gettry Marcus CPA, P.C. presented: Monetizing the Tax Changes in the CARES Act for Real Estate Owners Topics that will be addressed include: Depreciation of qualified improvement propertySuspension of loss limitation provisionsNet-operating loss utilizationCost segregation maximizationWealth transfer with regards to real estate valuations PROGRAM PANELISTS Stephen Breitstone, Esq., Partner at Meltzer, … Read more
  • How to Receive Your Economic Impact Payment
    From the AICPA Journal of Accountancy*: The IRS has launched an online portal for taxpayers who are eligible to receive an economic impact payment but who are not normally required to file an income tax return because their income is too low ($12,200 for individuals or $24,400 for married couples filing jointly … Read more
  • State Income and Sales Tax Extensions Due to the Pandemic Emergency
    Most states are providing extensions. Here are recent developments in New York and our two contiguous states, Connecticut and New Jersey. Please contact your Gettry Marcus advisor for information on additional states. Connecticut Connecticut business tax returns are usually due one month after the federal return for the same entity. … Read more
  • Depreciation Technical Correction for Qualified Improvement Property
    The 2017 TCJA consolidated certain categories of depreciable property known as (1) qualified leasehold improvement property, (2) qualified restaurant property, and (3) qualified retail improvement property into one category called qualified improvement property ("QI Property"). The Committee Reports to the TCJA indicated that a general 15-year recovery period was to have … Read more
  • Important Tax Update: Excess Business Losses, Retirement Plan Distributions & RMD Suspended
    Modification of Limitation on Losses for Noncorporate Taxpayers Before the enactment of the 2017 TCJA, noncorporate taxpayers were allowed to use business deductions to reduce or eliminate their nonbusiness income in the same tax year.  The TCJA added a provision disallowing the deduction of “excess business losses” by noncorporate taxpayers … Read more
  • Important Tax Update: Changes to NOLs, Charitable Donations, & Stimulus Check
    Changes to Net Operating Losses (NOLs) Under the TCJA of 2017, NOLs incurred after 2017 could only be carried forward, and could only offset 80% of taxable income in the year they were utilized.  The CARES Act temporarily removes the taxable income limitation to allow an NOL carry forward to … Read more
  • CARES Act – Key Tax Provisions
    Congress has passed the CARES Act. The following is a brief summary of the key tax provisions affecting individuals and businesses. More detailed information will be provided in the near future. Many of these provisions are retroactive and may require guidance from the IRS. Provisions Affecting Individuals Individual recovery rebate/credit … Read more
  • Important Tax Update
    We want to keep you up to date on developments affecting your tax situation during the ongoing health crisis. Please remember that the situation is fluid and things may change rapidly. Postponement of April 15 filing deadline: IRS announced that the April 15 filing deadline will be pushed back to … Read more

Please contact your Gettry Marcus Advisor if you would like additional information.

Disclaimer: Nothing herein should be construed as being Gettry Marcus’ views as to whether this economic global crisis will be short-lived (a V recovery), take only a few calendar quarters to unwind (a U recovery), or create a longer-lived recession. Further, the above and all future communications from our task force provides information for you to consider as a menu of thoughts as no one strategy works for all.

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